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ASIC a bully ‘after scalps’: Former PIS boss

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Australian Broker | 09 Jan 2014, 07:27 AM Agree 0
A former financial planner and CEO has slammed ASIC for “an unwillingness to communicate and a desire to bully”.
  • red tape | 09 Jan 2014, 10:45 AM Agree 0
    The 4th to last paragraph about "regulation and red tape" sums up the industry in a nutshell.
  • planner to broker | 09 Jan 2014, 04:02 PM Agree 0
    Do you think advisers over exposed their clients to Westpoint to get the 10% commission should be professionally liable? At what point does the adviser become responsible?
  • Dan Isaak | 09 Jan 2014, 10:05 PM Agree 0
    ASIC needs to realise that at this stage people are still reluctant to deal with brokers based on the mere fact that compliance is just still too hard. Red tape n hoops. The industry could be so much bigger if brokers were able to be more of an aid than a hassle. Sure, regulate, but also participate in making the industry educated. Imagine if at Uni during studies an individual failed a module and was thrown out of the entire course as a result. Where else could the industry then learn? Not even surgeons that kill patients are dealt with on that basis. They have ability to a fair hearing, I just thought that was normal to be reasonable. At the end of the day we are all here to make it easy, safe, and transparent to a consumer and we don’t want clients walking away because it’s just too hard. Believe it or not it does have an economic end to the economy, even if the average bare can’t see. People won’t even take the first step of buying if all they see is act after act. This results in less home owners, less workforce, less industry, and so on. How about a friendly easy to use system for all. There can still be regulation of financial services, but with an ability to listen. Errors do occur, but one should have ability mediate prior to ASIC ruling with an iron fist. They have an important role, but I don’t think AFSL holders want to be walking on eggshells every time the phone rings. Is it’s a client, is it a bird, no it’s ASssiiIC… Decent professionals will only leave the industry as so many already have…
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